Bandwidth (NASDAQ:BAND) Stock Price Down 2.7% – Here’s Why

Bandwidth Inc. (NASDAQ:BAND)’s stock price was down 2.7% during trading on Thursday . The company traded as low as $13.05 and last traded at $13.15. Approximately 261,527 shares traded hands during trading, an increase of 24% from the average daily volume of 211,186 shares. The stock had previously closed at $13.52.

Wall Street Analyst Weigh In

BAND has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Bandwidth from a “buy” rating to a “hold” rating in a report on Sunday, December 14th. Robert W. Baird set a $16.00 price target on Bandwidth in a research report on Friday, October 31st. B. Riley Financial initiated coverage on Bandwidth in a research report on Friday, January 23rd. They set a “buy” rating and a $20.00 price objective on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Bandwidth in a research note on Wednesday, January 21st. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Bandwidth presently has a consensus rating of “Hold” and a consensus price target of $20.83.

Bandwidth Price Performance

The stock’s 50 day simple moving average is $14.43 and its 200-day simple moving average is $14.98. The firm has a market cap of $409.88 million, a price-to-earnings ratio of -34.44 and a beta of 2.15. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.39 and a current ratio of 1.39.

Insider Activity at Bandwidth

In other news, COO Devesh Agarwal sold 4,202 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $14.06, for a total value of $59,080.12. Following the transaction, the chief operating officer directly owned 77,482 shares of the company’s stock, valued at approximately $1,089,396.92. This represents a 5.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Richard Brandon Asbill sold 4,460 shares of Bandwidth stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $14.06, for a total value of $62,707.60. Following the sale, the general counsel directly owned 62,465 shares of the company’s stock, valued at $878,257.90. This trade represents a 6.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 63,463 shares of company stock worth $895,210 in the last quarter. 6.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Bandwidth by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,988,533 shares of the company’s stock valued at $33,149,000 after buying an additional 67,428 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Bandwidth by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,464,976 shares of the company’s stock valued at $24,423,000 after purchasing an additional 30,248 shares in the last quarter. Portolan Capital Management LLC lifted its holdings in Bandwidth by 115.8% during the third quarter. Portolan Capital Management LLC now owns 745,802 shares of the company’s stock valued at $12,433,000 after purchasing an additional 400,231 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Bandwidth by 11.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 680,945 shares of the company’s stock valued at $10,827,000 after purchasing an additional 69,065 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Bandwidth by 8.9% during the second quarter. Geode Capital Management LLC now owns 648,763 shares of the company’s stock worth $10,318,000 after purchasing an additional 52,762 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Bandwidth Company Profile

Bandwidth Inc operates a cloud-based communications platform that provides voice, messaging and emergency services APIs for enterprises and developers. Through its proprietary network and software-as-a-service model, the company enables customers to integrate programmable voice calls, text messaging and 9-1-1 routing into their applications. Bandwidth’s solutions aim to reduce complexity and improve reliability in mission-critical communications, serving industries such as healthcare, financial services, on-demand mobility and customer engagement.

Founded in 1999 in Raleigh, North Carolina by co-founders David Morken and Henry Kaestner, Bandwidth initially focused on voice-over-IP infrastructure before evolving into a full communications API provider.